Property Details


Year Built: 1912
Units: 14
Price / Unit: $196,429
Price / SqFt: $324.22
CAP: 4.10%
GRM: 12.97

Executive Summary


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The Neema Group of Marcus & Millichap is pleased to present 2411 W 10th St, a 14-unit value-add apartment building in Koreatown. The property features an ideal unit mix of nine singles, three one-bedrooms, and two two-bedrooms with six parking spaces and on-site laundry. Seven out out of the fourteen units are renovated and there is new wood flooring and paint in the hallways of the common area. Property is separately metered for gas & electric. This is a prime opportunity for an investor to further increase cash flow and capture an additional 25% in rental income through interior renovation of units. 

High Walk Score of 94, close proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city even without a vehicle. Koreatown is ideally located and one of the densest neighborhoods in Los Angeles. The subject property is located less than one mile from MacArthur Park and down the street from Northgate Market. 

Area Overview

Koreatown

A True Urban Experience. 2961 W 8th is located just east of S Vermont Ave in prime Koreatown, one of the trendiest neighborhoods in Los Angeles. Boasting its walkable proximity to the Wilshire/Vermont metro station as well as a 8-minute drive to the heart of Downtown Los Angeles, the subject property is provided with great transit options to experience the best the Greater Los Angeles area has to offer. Located in a premier pedestrian location, the asset benefits from easy access to employers, major studios, financial firms, entertainment, and historic attractions. 

Koreatown has seen a tremendous revitalization over the last decade. An influx of capital dedicated to the revitalization of Koreatown has attracted a new resident base of young urban dwellers. This new, hip client base has brought new restaurants, night clubs, and retail opportunities, making Koreatown one of the more desirable submarkets in the greater Los Angeles area. In the past decade, Koreatown has experienced significant gentrification and development, specifically along Wilshire Boulevard. Most notable is the Vermont, a 462-unit luxury apartment with over 30,000 SF of retail and 600 covered parking spaces. Additionally, residents are given convenient access to the Red and Purple Metro lines. The Red line offers service from the North Hollywood Arts district all the way to Union Station in Downtown LA. The purple line is currently undergoing an extension and once completed, will offer service to the current terminus at Wilshire/ Western will extend westward for about nine miles and add seven new stations providing easy access to the Westside. 

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